So what is the Memenopoly Vault?
The vault is an extension of our core tokenomics and brings the entire ecosystem full circle.
It borrows some concepts from traditional crypto vaults, and some concepts from some auto-dividen tokens, but, as is our style, we had to give it some of our own twists!
What can you do?
- Lock MNOP to claim NFTS (1:1 share points while locked)
- Lock NFTS to boost share points (1:1 share points while locked)
- Give or Burn NFTS to gain 4:1 permanent share points
- Burn MNOP to gain 3:1 permanent share points
Shares and LP
- All BNB sent into the vault contract is split in half
- 50% is split to buy MNOP to add and lock BNB/MNOP LP
- 50% is awarded to the shareholders according to their share points
There are 5 parts to this new system
Locking Tokens & Claiming NFTS
Each NFT that qualifies for the vault will have a set amount of MNOP you must lock up, a set amount of time it must be locked for, and an amount of vesting periods.
The concept is pretty simple, You lock up the amount of tokens required for that NFT and you claim it instantly. It’s yours to trade, sell or stake! As for your tokens, You’ll get them all back just slowly over time, in equal amounts for the number of vesting periods.
For every MNOP you have locked up, you receive 1 Share Point, Share Points are what decide your stake in the dividends, so you’ll want a lot of them!
A simple example to explain the matz. If you stake 100 tokens, and it has 5 vesting periods, over 10 days, you would get back 20 tokens every 2 days.
You would also get 100 share points, and each time you chose to claim back your tokens you would give them back up.
On the flip side, we let you lock up your NFTS for a set amount of time as well, and you will receive share points for the duration it’s locked up and they will be removed when your lock is over and you chose to claim your NFTS back.
Locking tokens and NFTS is great for the token, the NFTS and the entire system! It should help give people a reason to hold on to their tokens instead of farming them and selling them! But what if you’re more interested in a permanent share instead of just what you have locked up?
Being able to claim NFTS for locking up your tokens is great, it lets us recycle the NFTS!! hooray! But if you’re not minting them, where would they come from??
You! yes, YOU! We know you have too many dupes anyway so let’s put them to work!
The concept again, is pretty simple. You give up your NFTS to earn Share Points this will give you at least 4x more shares than if you lock them, and it will be a permanent amount!
If the NFT you are depositing qualifies for the vault, it will be sent to the contract and someone else can lock up tokens to claim them. If they are too low a level of rarity to qualify, they will be burned until they are scarce enough to be valid for the vault.
The rarity of the NFT, based on the supply, will determine how many Share Points you will receive. Rare and exclusive cards will give you far more shares than common cards.
In the same spirit, you will also have an option to straight up burn MNOP for 3:1 permanent shares! We do love us some fire!! We will also be running the first week or two at a much higher ratio to incentivize supply decrease, but 3:1 feels like a good “norm”
There will also be some exclusive NFT drops featured in the vault system. And locking up MNOP will be the only way to get the initial NFTS! So there is something for everyone going on here!
But what about all those Share Points? What good do they do me?
They are your share of the pie! All BNB distributed to shareholders will be divided equally depending on your share. You will be able to claim these rewards at any time once they have been delivered.
XX% of all BNB Store Sales and Roll Fees will be pushed into the vault system. Half of this will go directly to the shareholders through the Share Points as mentioned above, the other half will be split, purchase MNOP, add LP and lock it in the contract. LP is locked by default for 2 weeks and only 20% can ever be claimed at once and then not for another 2 weeks.
So what’s the plan?
The contract is complete and everything mentioned is currently being throughly tested on testnet!
The numbers are the biggest part to figure out and we will have more info on how many share points each NFT is worth and what percentage of BNB sales will be allocated in the near future.
We are also working on the UI to bring this into our Dapp. We have no official launch date yet, but look for it to drop sooner rather than later!
As this is still in development, it might change slightly before final release, but we feel what we have is not only a great commodity for our holders and provides some real use cases to our tokens and NFTS, but this is also a pretty novel concept for defi in general by using NFTS for a direct stake in the company! PNG’s for BNB’s! Are we in the future now?
You can see a sample TX here from one of our testnet deploys where 0.005 BNB was sent which resulted a buy, LP being added and 3 holders receiving BNB shares to claim